PRINCE GEORGE, Va.,
Sept. 19,
2024 /PRNewswire/ -- Touchstone Bankshares, Inc. (the
"Company") (OTC Pink: TSBA) announced today that its Board of
Directors has declared a pro rata annual cash dividend in
anticipation of its previously announced merger (the "Merger") with
First National Corporation ("First National") (NASDAQ: FXNC).
The pro rata annual cash dividend will be $0.16 per share of the Company's common and
preferred stock and is payable on September
27, 2024 to the shareholders of record as of September 20, 2024. The amount of the dividend is
equal to the pro rata portion of the Company's typical annual
dividend based on the number of days elapsed in 2024 through the
anticipated closing of the Merger less the portion of 2024 for
which the Company's shareholders are expected to receive a First
National dividend after the closing of the Merger.
The Company and First National anticipate closing the Merger in
the fourth quarter of 2024, subject to the satisfaction of
customary closing conditions.
About Touchstone Bankshares, Inc.
Touchstone Bankshares, Inc. is the bank holding company for
Touchstone Bank (the "Bank"). Most of the Company's business
activities are conducted through the Bank. The Bank is a
full-service community bank headquartered in Prince George, Virginia. The Bank has ten
branches serving Southern and Central
Virginia and two branches and two loan centers serving
Northern North Carolina. Visit
www.touchstone.bank for more information.
Forward-Looking Statements
In addition to historical information, this press release may
contain certain forward-looking statements as defined by the
Private Securities Litigation Reform Act of 1995. For this purpose,
any statement that is not a statement of historical fact may
be deemed to be a forward-looking statement. Forward-looking
statements are subject to numerous assumptions, risks and
uncertainties, and actual results could differ materially from
historical results or those anticipated by such statements. Factors
that may cause actual results to differ materially from those
contemplated by such forward-looking statements include, but are
not limited to, the completion and benefits of the Merger
with First National; the occurrence of any event, change or other
circumstances that could give rise to the right of one or both of
the parties to terminate the merger agreement between the Company
and First National; the outcome of any legal proceedings that may
be instituted against the Company or First National; the
possibility that the proposed Merger will not close when expected
or at all because other conditions to the closing are not satisfied
on a timely basis or at all; the ability of the Company and First
National to meet expectations regarding the timing, completion and
accounting and tax treatments of the proposed Merger; the risk that
any announcements relating to the proposed Merger could have
adverse effects on the market price of the common stock of either
or both parties to the proposed Merger; the possibility that the
anticipated benefits of the proposed Merger will not be realized
when expected or at all, including as a result of the impact of, or
problems arising from, the integration of the two companies or as a
result of the strength of the economy and competitive factors in
the areas where the Company and First National do business; certain
restrictions during the pendency of the proposed Merger that may
impact the parties' ability to pursue certain business
opportunities or strategic transactions; the possibility that the
Merger may be more expensive to complete than anticipated,
including as a result of unexpected factors or events; diversion of
management's attention from ongoing business operations and
opportunities; the possibility that the parties may be unable to
achieve expected synergies and operating efficiencies in the Merger
within the expected timeframes or at all and to successfully
integrate the Company's operations and those of First National,
which may be more difficult, time-consuming or costly than
expected; revenues following the proposed Merger may be lower than
expected; the Company's and First National's success in executing
their respective business plans and strategies and managing the
risks involved in the foregoing; effects of the announcement,
pendency or completion of the proposed Merger on the ability of the
Company and First National to retain customers and retain and hire
key personnel and maintain relationships with their suppliers, and
on their operating results and businesses generally; changes in
interest rates and general economic conditions; the
legislative/regulatory climate; monetary and fiscal policies of the
U.S. Government; the quality or composition of the loan or
investment securities portfolios; demand for loan products; deposit
flows; competition; demand for financial services in the Company's
market area; mergers, acquisitions and dispositions; implementation
of new technologies and the ability to develop and maintain secure
and reliable electronic systems; and tax and accounting rules,
principles, policies and guidelines.
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SOURCE Touchstone Bankshares, Inc.